Author: adminsacosblog

Becoming a homeowner requires you to jump through hoops and hurdles prior to final ownership. There are applications, forms, deeds, permits, loans, access way, lawyers, architects, contractors,  and bankers.

There is also insurance.

Allow us to shed some light on one of the relatively unknown insurance products in homeownership – the Mortgage Protection Plan!

The Mortgage Protection Plan is one of the Credit Protection insurance products offered by Sacos prior to the construction or purchase of the house.

Who it serves? Potential homeowners seeking to secure a bank loan to build or purchase a house.

How does it work? The insurance coverage is applied against the value of the loan. It serves as a security for the loan and in the event of the death of the policyholder, covers the remaining value of the loan to be paid. 

Who does it benefit? Although the direct beneficiary of the insurance is the bank, or financing institution, it is the family of the deceased that ultimately benefits. As the loan is paid off in full by Sacos, the family does not have to bear the financial burden of either financing the remaining debt or losing the house to the bank. 

How to purchase it? Your bank or financial institution will most often oblige you to take the insurance as  a condition for the loan. But even if that was not a requirement, you should still contact Sacos on 429 5000 or send an email to life@sacos.sc to purchase the Mortgage Protection Plan.

What is the payment plan? The premium is paid one-off at the beginning of the policy and covers the entire duration of the loan term.

The Mortgage Protection Plan also secures loans for the purchase of other assets, such as cars and boats.

Visit our website for more information on insurance designed for homeowners.

Tempted to go out to sea in bad weather? Don’t!

A lot of boatowners have taken calculated risks in bad weather, relying on their years of experience to help them navigate the rough seas.

We understand the reasoning- for some, it is an inevitable part of their work, the delivery of goods must take place to fulfill the needs of communities on other islands; for others, a day skipped could be a meal missed.

If for some reason, you feel tempted or obliged to go out to sea in bad weather, carefully consider all the potential implications and whether it is truly good for business.

Unpredictable weather can cause worse damage to your business than one day’s missed opportunity to earn an income. Boat owners can lose their livelihoods for a period up to a year, or even more, after their boats have sunk or been irreparably damaged.

The sentimental value goes beyond mainly monetary loss. Boats are very often named, even baptised. Much like a beloved member of the family, owners have great affections for their boats.

Nevertheless, the loss carries a significant burden to owners, now left with the choice to either rebuild or buying anew. If the option is to rebuild, the entire process can be quite lengthy thus leaving the market open for competitors. If, on the other hand, the option is to purchase a new vessel, the buyer will be at the mercy of current market prices.

Your best bet and the safest is insurance!

Insured boat owners can breathe a sigh of relief knowing that a large part of their value will be reimbursed (within their agreed contract). It will thus be easier to secure capital for building or buying a new boat.

Beyond worrying about the loss of an asset, the personal safety of passengers and crew must be considered. Sacos will definitely have an option for you, but still, we caution you to take great care and to consider safety above all.

For more information on Marine Hull insurance, contact us on 429 5000 or send an email to general@sacos.sc.

With COVID-19 and its variants on the rise around the world, more and more countries are making travel insurance an obligatory condition for entry into their jurisdiction. As a result, travellers are finding themselves in embarrassing situations upon boarding or upon arrival.

With Sacos Travel Insurance, you can ensure that you are up-to-date with the COVID-19 guidelines wherever you travel to.

Our Travel Insurance includes a COVID-19 clause which ensures that you are fully protected if you happen to catch COVID-19 at some point during your travel and even before you fly out.

What is included?

Emergency Medical Assistance

• Medical expenses and hospitalisation including for COVID-19
• Compulsory quarantine if infected with COVID-19
• Emergency medical evacuation in case of illness or accident
• Emergency dental care
• Repatriation of mortal remains
• Repatriation of family member travelling with the insured
• Emergency return home following death of a family member
• Travel of one immediate family member

Flight cancellation, curtailment and  delays

• Journey cancellation
• Journey curtailment
• Delayed departure
• Missed travel connection
• Missed departure

Baggage losses and delays

• Loss of passport, driving license and/or National ID card abroad
• In-flight loss of checked-in luggage
• Luggage delay
• Location and forwarding of baggage and personal belonging

And so much more….Ensure that you are not refused boarding or entry into another country by having the Sacos travel insurance.
For more information, call us on 429 5000, send an email to general@sacos.sc or request a quote via our website.

In Seychelles, the pillar of the family is often the mother. Sometimes, she is also the grandmother. 

She labours to keep her family fed, clothed and housed. She loves, unconditionally.

Continue reading “Life Insurance Plans for the Matriarch of the Family” →

Knowing which life insurance plan you should select can be complicated, especially if you are not familiar with life insurance.

Selecting the perfect life insurance, is a matter of deciding what works best for you. What are your goals? What are your primary objectives of taking out a life insurance? To help you out, we have provided a brief explanation of the types of life insurance plans we have and how they work.

Continue reading “Which life insurance works best for you?” →